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Recent survey reveals that another million Aussies will enter crypto over the next 12 months

The number of female crypto owners is expected to increase by 17 percent, while the increase rate for males will be 34 percent

Shashank Bhardwaj
Published: Sep 26, 2022 08:21:01 PM IST
Updated: Sep 26, 2022 08:24:07 PM IST

Recent survey reveals that another million Aussies will enter crypto over the next 12 monthsImage: Shutterstock

According to Swyftx's second Annual Australian Crypto Survey, a million Australians will purchase crypto for the first time in the next 12 months. YouGov, a market research firm, conducted the survey. This will bring the total number of crypto owners in the country to more than five million.

The survey found that Australian crypto ownership has increased by 4 per cent year on year and is expected to reach 21 per cent by 2022. This happened despite the current 'Crypto Winter'.' Over the last year, approximately $2 trillion in assets have been wiped out of the digital asset market due to the crypto winter. It was also revealed that the number of Australian males who own or have owned crypto increased to 40 per cent. Female crypto investors remained stable at 18 per cent.

These findings are expected to rise by another million new crypto owners in 2023. Australian parents and those in full-time employment are more likely to purchase crypto in the coming year. 44 per cent are expected to be Australian parents and 45 per cent to be full-time workers. Divided by gender, 17 per cent of females and 34 per cent of males plan to purchase crypto within the next year.

Commenting on survey findings, Swyftx’s Head of Strategic Partnerships, Tommy Honan, said,

"On the basis of current growth trajectories in the use of digital assets, we expect half of the adults under 50 in Australia to own or have owned crypto within the next one to two years…The expectation is that we’ll see crypto move into the regulated space next year, and, all other things being equal, you’d expect that to trigger growth in adoption, but it isn’t a given."

Honan went on to say that adoption may slow over the next 12 months before picking up again as market conditions improve. Talking about the same, he commented,

"The bear market has knocked confidence…Confidence can take the stairs up and the lifts down, so we are going to have to wait and see how quickly the market takes to stabilise."

Due to the perceived complexity of crypto, it remains an asset class preferred by those with a high level of financial literacy. In early July, the survey polled 2,609 Australians over the age of 18, with 548 identified as current crypto holders. 84 per cent of crypto owners said they had a basic or advanced understanding of the crypto market.

According to the co-CEO of Swyftx, Ryan Parsons, the report shows that there is a clear demand among Australians to buy and use crypto. However, he believes that regulation is still a 'material factor' in crypto scepticism. In a public statement, he said,

"The drumbeat for defined rules is growing, and it will continue to grow if adoption of digital assets increases at its current rate. As this report shows, there’s clear demand among Australians to purchase and use crypto. It is imperative we meet this demand responsibly."

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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